宝光实业(00084) - 2022 - 年度财报

Financial Performance - Revenue for the year ended March 31, 2022, was HK$692.5 million, a decrease of 1.6$706.3 million in 2021[4] - Net loss for the year was HK$106.5 million, compared to a net loss of HK$81.6 million in the previous year, representing a 30.5% increase in losses[4] - Total assets as of March 31, 2022, were HK$1,182.0 million, down from HK$1,357.8 million in 2021, indicating a decrease of 12.9%[4] - Shareholders' funds decreased to HK$378.1 million in 2022 from HK$487.5 million in 2021, a decline of 22.4%[4] - The Group's results for the year ended March 31, 2022, are detailed in the consolidated income statement and statement of comprehensive income on page 45[20] - Group turnover decreased by 1.95% to HK$692.5 million compared to HK$706.3 million in FY2020/21[125] - Loss attributable to equity holders of the Company was HK$106.7 million, up from HK$81.9 million in FY2020/21[125] - Total comprehensive loss for the year was HK$109,849,000, compared to a loss of HK$42,504,000 in the previous year[191] - Total equity decreased to HK$384,748,000 from HK$494,597,000, a reduction of about 22.2%[192] - The company reported a loss for the year of HK$106,716,000 for the fiscal year ending March 31, 2022, compared to a loss of HK$106,460,000 in the previous year, indicating a slight increase in losses[198] Dividends and Reserves - The company did not declare any interim or final dividends for the year ended March 31, 2022[4] - No interim dividend was paid during the year, consistent with the previous year[20] - The directors did not recommend the payment of a final dividend for the year ended March 31, 2022, mirroring the previous year's decision[20] - As of March 31, 2022, the distributable reserves available for distribution as dividends to shareholders were HK$32.737 million, unchanged from the previous year[20] - The company's reserves decreased from HK$382,873,000 on April 1, 2021, to HK$273,499,000 by March 31, 2022, representing a reduction of approximately 28.6$6.6 million compared to the balance at 31 March 2021 due to strict inventory control[128] - Cash flow management was strengthened due to a challenging business environment, with measures adopted to improve liquidity[14] - Cash inflow from operations was HK$92.2 million, with unutilized banking facilities amounting to HK$82.7 million as of March 31, 2022[139] Management and Governance - The company confirms that Dr. Agnes Kwong Yi Hang will not seek re-election as an independent non-executive director after serving nearly 16 years[23] - Mr. Wallace Kwan Chi Kin has been with the Group since November 2011 and was appointed as CFO in July 2013, bringing 30 years of financial management experience[34] - The company has formal letters of appointment for its directors, outlining key terms and conditions[23] - The Group's directors have no service contracts that are not terminable within one year without compensation[23] - The company has a diverse board with members holding degrees from prestigious institutions, including the University of Hong Kong and the University of Manchester[34][35] Risks and Challenges - The Group faces risks from COVID-19 disruptions, impacting physical store operations due to lockdowns and social distancing measures[11] - The Group maintains prudent treasury management policies to address liquidity needs for both short-term and long-term operations[138] Audit and Compliance - The directors are responsible for preparing consolidated financial statements that provide a true and fair view in accordance with HKFRSs and the Companies Ordinance[1] - The audit aims to obtain reasonable assurance that the consolidated financial statements are free from material misstatement, whether due to fraud or error[2] - The auditor evaluates the appropriateness of accounting policies and the reasonableness of accounting estimates made by the directors[4] - The audit report is dated June 23, 2022, by RSM Hong Kong[10] Continuing Connected Transactions - The Group's continuing connected transactions included leasing properties with an expense of HK$7,883,000[79] - The annual cap for leasing properties was set at HK$7,883,000, indicating compliance with the Listing Rules[79] - The Group's auditor issued an unqualified letter regarding the continuing connected transactions, confirming compliance with the Listing Rules[78] - The continuing connected transactions constitute related party transactions, disclosed in the financial statements[118]